CORALPAY: Impacting Nigerian Financial Industry Through Cutting Edge Technology, Innovative and Reliable Payment Services

One of the payment gateways in Nigeria that has distinguished itself not only in the provision of reliable payment services but also a platform creating positive impact and value addition to the businesses and lives of its customers in the country is CoralPay Technology Nigeria Limited. Indeed CoralPay has carved a niche for itself through professional and innovative payment solutions in the nation’s digital economy.

Established in 2005, the company was licensed as a Payment Switching Company in 2018, and today CoralPay has become one of the leading Payment Switching and Processing companies in Nigeria.

Based on its Vision, “To become the gold standard for payment and processing in Africa” and the Mission “To provide secure and reliable payment services and solutions to consumers, merchants and institutions of all sizes” CoralPay has continued to leverage its professional and extensive experience in the Nigerian digital payment space to offer a broad range of market-proven technology platforms. In achieving its vision, CoralPay is focusing on excellent innovations and strategic partnerships with commitment to building a customer-centric company that fosters a team of seasoned professionals and exceptional technocrats.

As a one-stop-shop payment solutions company, CoralPay parades a vast range of payment services including C’Gate USSD, Pay-With-Bank-Transfer Card Issuing and Acquiring, as well as transaction processing NQR and CoralPay Payment Gateway – a bundled web payment solutions that combines these channels. Furthermore, CoralPay’s Instant Pay Solutions enables interbank transfers while its VAS API Integrated Service provides a robust Billers Aggregation platform for bill payments. Similarly, the company also offers a bulk payment solution called Fast Channel for one-to-many payment.

To sustain its leadership position and create more impact in the Nigerian Payment Industry, the company’s innovative USSD payment solution leverages Unstructured Supplementary Service Data (USSD) for payments on various platforms, including hardware and soft POS, Mobile Apps, e-commerce websites, chatbots and USSD menus. This secure and convenient system allows users to pay for goods and services using a unique code.

In addition, C’Gate USSD also facilitates agency banking cashout, merchant collections, charity donations, religious body collections, C’Gate wallet funding, and payments for services like gaming, lottery, schools and government collections.

More so, by aggregating various banks’ USSD shortcodes CoralPay empowers merchants to accept payments from customers across different banks, and ensures payment reliability for merchants, eliminating the risk of lost sales due to card downtime.

Undoubtedly, CoralPay is a major player in Nigeria’s Payment Industry and is at the forefront of driving the Central Bank of Nigeria’s (CBN) financial inclusion and Cashless Policy through the C’Gate USSD offline straight dial payment solution. In truth, this solution helps to eliminate the need for a smartphone or internet connection to offer payment services to merchants and customers in remote areas. By simply having a GSM connection and feature phone, customers can dial the merchant’s unique USSD code to make payments. Indeed, CoralPay is a trusted, reliable and innovative partner in Nigeria’s payment ecosystem, and is committed to providing seamless and reliable payment solutions that empower its numerous customers across the country and beyond.

Meanwhile, it is noteworthy that since the regulatory environment for Financial Technology (Fintech) in Nigeria is constantly evolving, CoralPay always stays informed about regulations and ensures compliance to avoid unnecessary disruptions. Thus, as a leader in the payment processing space, the company maintains robust security systems and stays ahead of evolving cyber threats.

As a CBN-approved Tier-One Switching and Payment Processing Company – a Payment solutions service provider cum Payment terminal service provider, CoralPay is also a non-Bank Acquirer and a Third-Party Processor for MasterCard and Visa.

CoralPay is ISO 27001, ISO 22301, ISO 20000, PCIDSS, PCI-PIN and NDPR certified and compliant, ensuring the highest security standard for clients and other stakeholders. Essentially, the company implements robust security measures that meet the highest international standards, including those outlined by the CBN which include regular penetration testing, vulnerability assessments, data encryption, amongst others, to safeguard sensitive information of clients.

In closing, in order to maintain its leadership position and surpass customers’ expectations, CoralPay has put in place sound management team, seasoned professionals, cutting-edge technology and up-to-date security measures to drive the CBN’s financial inclusion and cashless policies in the Nigerian digital economy.